Exxon Mobil Posts $10.49B Profit in 3Q
Exxon Mobil Corp. (XOM) (XOM) on Thursday said its profit rose to $10.49 billion in the third quarter, making it the second-largest quarterly profit ever recorded by a publicly traded U.S. company.
The world’s biggest oil company said its net income amounted to $1.77 per share for the July-September period, up from $9.92 billion, or $1.58 per share, a year ago.
The results surpassed the expectations of Wall Street analysts. On average, analysts expected the company to earn $1.59 per share in the quarter.
Revenue fell to $99.59 billion from $100.72 billion from a year ago, which saw then-record oil prices because of hurricanes Katrina and Rita.
The largest quarterly profit ever was Exxon’s $10.71 billion profit in the fourth quarter of 2005.
October 26, 2006 - 02:53 PM on October 26th, 2006
Reports like this are the number one reason we won’t see any significant change over to alternative sources of energy as long as there is plenty of oil available.
Now why aren’t we seeing articles in the MSM about Al “Global Warming” Gore’s Occidental Petroleum stock, in the context of these huge profits?